The Housing Innovation Program of the New Mexico Mortgage Finance Authority (MFA) has received $5 million in funding from the New Mexico Housing Trust Fund. The program aims to support low- and moderate-income households and focus on capital activities. According to a press release, the funding will assist underserved populations, foster new partnerships, and finance scalable projects.
The Housing Innovation Program serves as a valuable resource for funding community-specific housing solutions. Applicants will be evaluated based on the innovativeness, sustainability, and scalability of their proposed housing solutions, as well as their readiness to proceed and financial feasibility. Additional considerations will be given to tribal or rural properties and resident businesses. The Notice of Funding Availability (NOFA) will remain open until the funds are depleted, and applications must be submitted at least 60 days before a scheduled MFA Board of Directors meeting.
"This program encourages novel, innovative ideas for permanent housing solutions," said Isidoro Hernandez, MFA Executive Director/CEO. "Applicants have the opportunity to propose creative projects that are tailored to specific communities."
The Housing Innovation Program addresses unmet housing needs not covered by other MFA programs. However, it does not provide funding for planning activities, operational expenses, or housing development projects eligible under MFA's existing housing development programs, according to the Housing Innovation Program website.
Awards granted under the program are contingent on fund availability and adherence to the New Mexico Housing Trust Fund Act and Rules. Eligible applicants can receive up to $500,000 initially, and if they demonstrate successful project implementation and have spent 80% of their initial award, they may request additional funding, provided funds are still available under the NOFA. MFA will allocate only the minimum necessary funds to ensure a project's financial feasibility and viability.
